Fulgent Genetics (NASDAQ:FLGT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Fulgent Genetics from “sell” to “hold.” Analyst sentiment overall remains “hold,” with one buy, two hold and one sell rating and an average price target of $27.50.
• Fulgent reported a quarterly loss of $0.09 per share, beating the $0.65 loss analysts expected. Revenue of $90.41 million also exceeded the $86.30 million consensus estimate.
• The stock opened at $23.74, within its 52-week range of $13.46 to $31.04. Insiders’ recent share sales were disclosed as covering tax withholding on vested equity awards.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other equities analysts also recently weighed in on the stock. Piper Sandler upped their price target on shares of Fulgent Genetics from $15.00 to $19.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Weiss Ratings raised Fulgent Genetics from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fulgent Genetics presently has an average rating of "Hold" and an average price target of $27.50.

Fulgent Genetics Trading Up 27.2%

Shares of NASDAQ FLGT opened at $23.74 on Friday. Fulgent Genetics has a 52 week low of $13.46 and a 52 week high of $31.04. The business's 50 day moving average price is $20.80 and its 200 day moving average price is $19.31.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.56. Fulgent Genetics had a negative net margin of 26.05% and a negative return on equity of 4.93%. The firm had revenue of $90.41 million for the quarter, compared to the consensus estimate of $86.30 million. On average, sell-side analysts expect that Fulgent Genetics will post -3.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jian Xie sold 2,127 shares of Fulgent Genetics stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total transaction of $41,816.82. Following the completion of the sale, the chief operating officer owned 359,924 shares of the company's stock, valued at approximately $7,076,105.84. The trade was a 0.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Hanlin Gao sold 1,673 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $19.66, for a total value of $32,891.18. Following the sale, the insider owned 986,117 shares in the company, valued at approximately $19,387,060.22. The trade was a 0.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 5,932 shares of company stock valued at $117,156. Company insiders own 36.18% of the company's stock.

Institutional Trading of Fulgent Genetics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in shares of Fulgent Genetics during the second quarter worth about $25,000. Legal & General Group Plc acquired a new position in Fulgent Genetics in the second quarter worth approximately $38,000. Empowered Funds LLC purchased a new stake in shares of Fulgent Genetics during the second quarter valued at $276,000. Persistent Asset Partners Ltd purchased a new position in shares of Fulgent Genetics in the second quarter worth approximately $488,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Fulgent Genetics by 3,217.5% in the first quarter. Public Employees Retirement System of Ohio now owns 33,739 shares of the company's stock valued at $536,000 after purchasing an additional 32,722 shares in the last quarter. Institutional investors and hedge funds own 48.06% of the company's stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc is a technology-driven clinical diagnostics company that develops and performs genetic testing. Its testing platform uses next-generation sequencing and other molecular technologies to analyze DNA and support the diagnosis, screening and management of inherited and acquired diseases.

The company offers a range of tests, including panels for hereditary cancer, reproductive health and inherited disorders, as well as tumor profiling and other specialized clinical testing services.

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